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Mr. Malczyk borrows $2000 at 4%. He is to repay the debt with four equal payments, one at the end of each 3-month period for

Mr. Malczyk borrows $2000 at 4%. He is to repay the debt with four equal payments, one at the end of each 3-month period for 1 year. Determine the size of the payments given a focal date a) at the present time; b) at the end of 1 year.

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